The annual report, which ranks 133 cities based on a twice-yearly survey, collects more than 400 individual prices across more than 160 products and services—including food and drink, clothing, rent, transportation, utility bills, private schools, domestic help, and recreational costs—to arrive at the overall cost of living. A glimpse at some of the intel: In Paris, a two-pound loaf of bread costs $5.66 on average; in Hong Kong, a two-piece business suit will run you an average of $1,874.65. In Singapore, which had topped the "most expensive city" list for five years in a row prior, a women's haircut averages $96. (For comparison's sake, in the world's "cheapest" city, Caracas, Venezuela, that same haircut would cost $1.77.)

Though the list is dominated by Asian and European cities, New York and Los Angeles cracked the top ten after being jointly tied for 39th place a mere five years ago. The reason? Sharp currency appreciation, or a stronger U.S. dollar, which means that U.S. cities have become more expensive globally. In fact, all but two U.S. cities rose in the list's greater rankings this year, with the highest climbers being San Francisco (25th up from 37th previously), Houston (30th from 41st), Seattle (38th from 46th), and Detroit and Cleveland (joint 67th from joint 75th).

Interestingly, the report notes that certain regions are typically more expensive for certain things: In the U.S., for instance, domestic help and utilities remain expensive. Asian cities, meanwhile, tend to be most expensive for groceries, while European cities are hit hardest by household, personal care, recreation, and entertainment costs.